Welcome everybody! Welcome to the 413th episode of the Monetary Advisor Success Podcast!
My visitor on at the moment’s podcast is Kevin Leahy. Kevin is the CEO of Connecticut Wealth Administration, an RIA primarily based in Farmington, Connecticut, that oversees roughly $4 billion in belongings underneath administration for 1,100 consumer households.
What’s distinctive about Kevin, although, is how his agency has constructed a systematized inside advisor coaching program to effectively onboard younger new expertise straight out of school, sustaining a robust advisory expertise pipeline as his agency has grown to $4 billion in AUM by means of each natural progress and acquisitions of retiring advisors (whose shoppers could be transitioned to Kevin’s up-and-coming younger advisors) whereas sustaining a excessive degree of service with a comparatively low 35-to-1 client-to-advisor ratio.
On this episode, we discuss in-depth about how Kevin’s agency’s new rent coaching program ramps up by means of the primary 6 months, beginning with an preliminary 90-day stage that makes use of standardized case research to show the agency’s monetary planning course of and overview and enter knowledge into the agency’s techniques, adopted by a second 90-day stage that builds new hires’ confidence of their consumer communication expertise by conducting mock consumer shows and receiving constructive suggestions from friends and present advisors, how Kevin’s agency makes use of a software program platform known as Playbook Builder to compile coaching supplies (together with movies, PowerPoint shows, and phrase paperwork) in a centralized location and create a extra systematized onboarding and coaching course of, and the way Kevin usually assigns new hires as soon as they’ve accomplished this 6-month coaching program to service groups not primarily based on having complementary expertise to the lead advisor, however moderately primarily based on having comparable strengths to higher align the crew with its shoppers’ most well-liked planning model.
We additionally speak about how Kevin sources entry-level hires not solely amongst latest faculty graduates, but additionally from a sturdy paid internship program that enables his agency to vet interns earlier than committing to a full-time supply, why Kevin’s observe of bringing on a number of new hires at one time each retains the agency forward of hiring wants and promotes effectivity by permitting these cohorts to undergo the coaching course of collectively, and the way Kevin has discovered that this 6-month coaching course of has paid off (regardless that the brand new hires add restricted worth throughout this preliminary coaching interval) as almost all workers who’ve gone by means of this coaching are nonetheless with the agency, saving the agency the money and time in turnover prices it will in any other case face to exchange hires that do not work out.
And be sure to hearken to the tip, the place Kevin shares why his hiring course of places a premium on figuring out people who mesh effectively together with his agency’s 8 core values and emphasis on teamwork (and within the case of skilled advisor candidates, hunting down those that may desire an ‘eat what you kill’ strategy that does not slot in Connecticut Wealth Administration’s team-oriented tradition), why Kevin determined to create a centralized planning crew to make sure constant service for every consumer even because the agency’s common consumer AUM and complexity grows, and the way Kevin’s agency has grown not solely by means of acquisitions, but additionally by rising its pockets share amongst shoppers obtained in these offers by demonstrating a better degree of service than they could have beforehand been accustomed to that leads shoppers to develop much more with the agency over time.
So, whether or not you are keen on studying about constructing an inside advisor coaching program, use an internship program to maintain a agency’s expertise pipeline full, or keep a agency’s core values because it grows over time, then we hope you get pleasure from this episode of the Monetary Advisor Success podcast, with Kevin Leahy.
